Share prices slide

Mon, 18 Apr 2005

European stock prices fell into difficulty on Monday morning as Friday's falls on Wall Street were felt on the Continent.

Shock poor results from IBM triggered the biggest one-day loss on the Dow Jones for two years on Friday.

The technology sector in Europe felt the backlash as trading began on Monday.

It was hardly helped either by poor figures from Dutch electronics firm Philips.

Shares there declined by 3.6 per cent as a result of reports that first quarter profits had crashed by 79 per cent.

By lunchtime the FTSE 100 had given up 1.7 per cent or 84 points to 4,807.9.

Investor concern that demand had peaked for steel giant Corus, added to the difficulties.

In Germany the Dax was down by 2.4 per cent, while Paris' Cac fell by 2 per cent.

Japan was similarly hit by sliding stocks and shares. The Nikkei 225 witnessed its biggest one-day percentage loss since May 10th 2004.

Analysts feel it had been affected by the continuing diplomatic dispute with China.

Over the weekend Chinese citizens took to the streets to protest over new Japanese textbooks which omit wartime atrocities carried out by Japan in China.

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